by Laura Calugar
Denver—HFF has arranged approximately $19 million in financing for The Phenix at 4 Mile, a 177-unit apartment community in the Denver suburb of Glendale, Colo.
Originally built in two phases, in 1962 and 1972, The Phenix at 4 Mile includes 11 studios, 119 one- and 47 two-bedroom units averaging 617 square feet. Slipstream Properties acquired the community in 2015 and began an extensive restoration, which upgraded the entire property, including interiors, exteriors, common areas and amenities. Currently, residents can enjoy built-in gas grills, courtyards, a swimming pool and spa, open floor plans, enclosed bike shelters, but also views of the adjacent Mir Park.
The Phenix at 4 Mile’s central location provides direct access to Denver’s Cherry Creek neighborhood. Furthermore, the property is situated near Colorado Boulevard and is therefore connected to major retail drivers, the central business district, surrounding suburbs and Interstate 25.
HFF worked on behalf of the borrower, Slipstream Properties, to secure the 10-year, fixed-rate loan with 5 years of interest only through Freddie Mac’s (Federal Home Loan Mortgage Corp.) CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus Seller/Servicer program.
Images courtesy of Urban Phenix